Petrolimex Bank (PG Bank), owned by Vietnam's top oil product importer and distributor Petrolimex, said it has received a takeover offer from VietinBank.

PG Bank could be up to 99 percent owned by the country's second-largest bank by assets if PG Bank shareholders approve the offer, the small lender said in a report to shareholders ahead of an April 18 shareholder meeting.

VietinBank would offer new shares in exchange for PG Bank shares at a rate yet to be negotiated, PG Bank said in the report posted on its website.

PG Bank and VietinBank are based in Hanoi.

VietinBank declined to provide immediate comment on the matter, while Petrolimex could not be immediately reached.

The central bank has said it would allow restructuring and the establishment of two or three banks this year as part of banking sector reform that began in late 2011, to boost financial strength and reduce bad debt.